PDC Strategy Focused on Significant Value-Creation Focus on Execution Sustainable Wattenberg Field FCF(1) Generation Top Priorities in 155,000 Boe/d(2) Demand Destruction Through-the-Cycle World Delaware Basin 30,000…
Track Record of Through-the-Cycle Resiliency Discipline displayed through actions taken in 2020 Long-Term Track Record Emphasis on balance sheet strength and FCF Transparent multi-year messaging Through-the-cycle balance sheet…
Track Record of Execution Significant adjustments to 2019 Free Cash Flow (millions) 159 and 2020 capital programs to ensure FCF generation 95 million 39 FCF Generation (31) (71) (1) 2Q19 3Q19 4Q19 1Q20 Improved Cost…
Resilient Balance Sheet with Strong Hedge Book Liquidity Update (as of March 31, 2020) Borrowing base and commitment level of 1.7 billion Borrowings under revolver of 620 million 2,000 Liquidity of 1.1 billion Revolver…
Utilizing Flexibility to Ensure Differentiating Results in 2020 Continue to Monitor Monthly Prices and Maintain Flexibility to Further Adjust Capital Plan Capital investment range of 500 - 600 million Nearly half of full-year capital…
PDCs Multi-Faceted Curtailment Strategy Monthly analysis conducted on an unhedged, well-by-well and pad-by-pad basis with consideration to: Netback Pricing Net Oil Pricing Summary Firm Marketing/Midstream Commitments /Bbl 2019…
Continued Emphasis on Cost Management Targeting combined LOE + G&A of 5/Boe Merger synergies reflected through anticipated year-over-year LOE + G&A (/Boe) reduction of 20% in LOE+G&A/Boe LOE G&A 8.00 7.77 7.51 Anticipated LOE of…
Multi-Year Focus on Sustainable and Increasing FCF Generation All Numbers Approximate 2020 + 2021 Highlights Significant FCF Generation Anticipate 2-year cumulative capital investments between (millions) 1.0 - 1.2 billion 250…
Commitment to Corporate Social Responsibility Three of PDCs Six Strategic Priorities PRIORITIZE HEALTH, SAFETY & BUILD A BEST-IN-CLASS DRIVE EFFICIENCY THROUGH THE ENVIRONMENT ORGANIZATION TECHNOLOGY & INNOVATION PDCs top…
ASSET OVERVIEW
Wattenberg Overview Key Statistics 785 YE19 PF Proved Reserves Prairie Area (MMBoe) 155,000 1Q20 Production Summit Area (Boe/d) Kersey Area 35% Plains Area 1Q20 Crude Oil (Production) 180,000 Net…
Updated Wattenberg 2020 Overview 450 million planned capital investment 300 million reduction from original guidance Go-forward well costs of 2.5 - 4.0 million (SRL-XRL) Significant Activity Reductions Guidance (February) Updated…
Delaware Basin Overview Key Statistics 120 YE19 Proved Reserves Loving County (MMBoe) 30,000 1Q20 Production N. Central (Boe/d) 35% 1Q20 Crude Oil Pecos Reeves County (Production) Block 4 25,000 Net Acres…
Updated Delaware Basin 2020 Overview 100 million planned capital investment 200 million reduction from original guidance Significant Activity Reductions Guidance (February) Updated Forecast (May) Recently released completion crew…
Shifting Strategic Priorities Focus on Execution - Commitment to safe operations through dynamic time period Sustainable FCF Generation - Project more than 125 million of FCF(1) Top Priorities in Demand Destruction…
Investor Relations Kyle Sourk, Sr. Manager Corporate Finance & Investor Relations kyle.sourkpdce.com Corporate Headquarters Website PDC Energy, Inc. www.pdce.com 1775 Sherman Street Suite 3000 Denver, Colorado 80203 303-860-5800
APPENDIX
Detailed Hedge Positions As of June 2020 20
Free Cash Flow Reconciliation Cash Flows from Operations to Adjusted Cash Flows from Operations and Free Cash Flow (Deficit) Three Months Ended March 31, 2020 2019 Cash flows from operations to adjusted cash flows from operations…
Reconciliation Non-U.S. GAAP Metrics Net Loss to Adjusted Net Income (Loss) and Adjusted Earnings Per Share, Diluted Three Months Ended March 31, 2020 2019 Net loss to adjusted net income (loss): Net loss (465.0) (120.2) (Gain)…
Reconciliation Non-U.S. GAAP Metrics Adjusted EBITDAX Three Months Ended March 31, 2020 2019 Net loss to adjusted EBITDAX: Net loss (465.0) (120.2) (Gain) loss on commodity derivative instruments (434.7) 190.1 Net settlements on…
Reconciliation of Non-U.S. GAAP Metrics Beginning in 3Q19, the Company modified its adjusted EBITDAX reconciliation to exclude (Gain) loss on sale of properties and equipment Net income (loss) to adjusted EBITDAX (in millions): 1Q19…
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